Loan forgiveness options? Help!

RyanCarolinaBoy, ADN, BSN, MSN · Apr 14, 2015

Since the Archbishop (the sainted Ray Hunthausen) died, I think a lot of prayers are going unanswered in Seattle. And seriously, I think that's all you've got. Looking at it from some hospital's point of view, why would I hire you and pay off thousands and thousands of dollars for your loans when there's no shortage of potential hirees who are just glad as hell to have a job? There is a public health hospital there, and a big county hospital, a university medical center, and a number of affiliated and private hospitals, but I would be astonished if any of them would welcome you on that basis.
Didn't you figure this out when you started?
Waaall, as my sweet old grandmother used to say, "Some of us are put on this earth to be examples to others, one way or another."

This comes across as slightly rude. And in no way at all is it helpful to the OP to be quoting a sweet old grandmother who sounds slightly snarky.

To the OP. You are not alone. Many students nowadays are finding that student loans are a lot of baggage to carry. Maybe finding per diem job to help make the payment slightly easier. Good luck in ur decisions.

mmc51264, BSN, MSN, RN · Apr 14, 2015

I too have a tremendous amount of loans. I consolidated after my ADN (That was degree #4) Since then I have borrowed as little as possible to do my BSN-even got a scholarship. Consolidation will give you 30 years to pay off. When I looked at working in under-served areas-same as my student loans for my education degree, the problem was that I would have had to pay X amount before they would forgive any. Just so happened that the amount that I would have to repay to be eligible was the exact amount of the loans. My loans are definitely going to out live me. I have worked with the servicing companies many times-when I was in school, unemployed, under-employed, you name it. they are usually very good about working with you. As long as you keep them in the loop.

I have heard advisors say pay what you can and not to worry about it too much and def look for the lowest rates you can find.

You can do graduated payback and I am hoping that eventually they will be allowed to be dissolved in a bankruptcy.

I did get a loan repayment perk at my current job-10K that paid for most of my ADN and I have paid off the BSN. They have since done away with that benefit

Hang in there. They understand how it is.

Mavrick, BSN, RN · Apr 14, 2015

I don't see how we can afford to start a family with payments so high.

Well, now you do have a problem. Actually a cascade of problems many of which are beyond a straightforward practical solution.

I'm one of those people that prefers to help people who try to help themselves. From what little you have told me you seem to be making your problem worse and aren't seriously asking for help.

Moving is expensive, Seattle is VERY expensive compared to Arkansas, you do not appear to have a job, and you are thinking about starting a family. I'm not sure what your thought process was but throwing your hands up on a public forum with a Help! does shriek of desperation.

What was your plan for repayment when you signed for the loan? Why can't you just do that?

Many people put off moving, getting a degree or having children until they are better situated financially. They work extra hours, per diem at another job, scrimp by with a small apartment and beater car. I know a nurse who moved to Arkansas for the lower cost of living when her income decreased to retirement levels.

I guess the truth that Seattle area hospitals are not desperate for nurses is not the answer you were expecting and we're mean for being the messenger.

ORNurseCOS · Apr 14, 2015

Ouch, sorry to hear about your situation, that is a heck of a payment.

Serious budgeting and creative payments can go a long way with getting that loan paid off.

With that said the student loan situation in this country is out of control and is about to burst.

Student loan debt is now the 2nd largest personal debt - about $1.2 trillion in federal student loans are owed - this doesn't include people with credit card student loan debt. Fact is, this is not sustainable and about 7.5 million people are 90 days or greater past due....thats out of 43 million people. The gov't is seriously screwed as more an more people are now just refusing to pay them. A massive shift is coming in this area so hold on, I have a feeling help is on the way. Young people like yourself are suppose to revitalize the country yet the majority of you are in shackles and can't put into the economy b/c your so financial drained.

Take a look at this - this is just one of them

Investing in You: Group urges student loan 'debt strike'

Just be thankful you got a degree in something useful from a good school - so many people are realizing the schools and degrees they have are worthless and are suing the schools and winning.

AJJKRN · Apr 14, 2015

There is a Public Service Loan Forgiveness Program through our federal government that President Obama developed that I have been looking into recently that looks like a possible viable option. (Meaning better than nothing) Being from Arkansas myself, I don't think some of the posters here realize that what they feel is just being honest really sounds rude to others that grew up where we did. I would never talk to someone else in the ways that I've seen, in person or on the internet, because this is just not how I was raised to converse. Doesn't make me weaker or a wuss, I can certainly stand up for myself, but since moving to a northern state I have had to adjust (if not ignore) just how disrespectful others can be when they really don't realize it. It's probably not intentional, we all just grew up with different values and virtues. If you want to look at Illinois then PM me. I don't know how to PM someone though! :roflmao: There are still some awesome entities that are offering sign on bonuses and moving incentives like my hospital. I want to say that my hospital is advertising on the job website Indeed to attract seasoned nurses so I assume others are as well. Either way, good luck and post back if you find anything worth trying to help lessen the burden of student loan debt.

brandy1017, ASN, RN · Apr 14, 2015

The other option besides the military is working for the VA system. They have very generous tuition reimbursement and student loan repayment options. It is probably your best bet. In the meantime consolidate your student loans over a larger time than ten years and that will bring down the payments significantly. As far as the public loan forgiveness option I think that is nebulous and hard to actually get. I was mad when I found out new grads were getting this to work at my hospital and I was still paying off student loans and when I checked into it it was only for loans since 2007. It made no sense. It wasn't an option for me and I work at a non profit with a large medicaid population. I'm on the 25 year plan. lol though I think it turned out to be 23 years since I tried to pay extra when I could. I hate student loans! I think they are going to be the downfall of our economy and our young ones.

ammonthenephite · Apr 14, 2015

Are you both working? Knuckle down for a year and a half, live only on your partner's salary, and dedicate yours entirely to your student loans (average RN salary in Seattle is about 60-65k). Just live like misers for a year in cheap, small, remote housing, and put all extra funds towards the loans. Sell any cars with payments on them and get used, paid in full vehicles, eat cheaply (no going out, etc.), and just pay them off. If only one of you is working, well, the other should get a job while paying off the loans. That would be the quickest (but also the most painful) way I would do it. If you want it a little less painful, stretch it out to three years, using half your salary. But honestly, I'd rather have 1-3 hard years, then have 10-20 years of always stressing about the payment.

With two of you, its very doable, and after the 1.5 years of pain and diligence, you'll have the rest of your lives to live without the burden of the loans always looming over you. For more good info, visit daveramsey.com and check out all the good info he has on becoming debt free.

As far as the military is concerned, I wouldn't do it. Especially if you want to start a family, the military is going to make life difficult, you don't know what war our government may decide to start that you may get sent off to, and by just knuckling down you can pay it off faster than the time you would spend in the military. Just my opinion though.

tyvin, BSN, RN · Apr 14, 2015

You're preaching to the choir here... :banghead: I went to a very nice university for my BSN and didn't borrow as much as you; I opted for the free grants and got a few small scholarships but it's been a heavy burden.

I really wish that there would have been a more extensive entry protocol before being able to sign for the loans (waiting period, able to talk to students who did it, pros/cons, etc...). I walked in and they literally put papers in front of me and said "How much you want" ... it was that easy. I must admit I borrowed more than I needed (I was working nights in a restaurant).

It kind of went to my head how easy it would be to call off of work and just relax, get nice furniture, etc... You're suppose to do that after you graduate and get a job. No one said are you sure; it was take as much as you want. Oh well, anyone out there; if you really don't need the money, don't take it!

In this thread some people have accused others of being rude (was that the word?), anyway; when people tell it like it is (to them) some of the other people use their own experiences to interpret what it means.

In posts on the internet, unless the person uses emoticons () or emoji's (don't have any), what they are actually saying can be taken in all kinds of ways, and even when you have all the visual ques it can still go awry.

What we do is put our own personality and history in there and that's how you come up with so many reactions; kind of like online projection. :saint:

Playing armchair psychiatrist here this beautiful Monday evening in the islands. :specs:

Aloha :)

Monkey Nurse, ASN, RN · Apr 14, 2015

I suggest to you, and all to look into Indian Health Services. You have to be willing to make some sacrifices and select a sight that is in need, but there are plenty. 20,000+$ a year in student loan forgiveness :) In two years or so my student loans and interest will be paid off. In 3 years I'll be a fully vested federal employee.

Check it out and be willing to move to a location that needs you. Its a small sacrifice for the kind of burden it will relieve. If you can sacrifice paying for years to go to college, getting paid for a sacrifice is nothing at all.

IHS Loan Repayment Program :) google it .... an opportunity for several health careers to take advantage of and give back to a very very needy population

Red Kryptonite · Apr 14, 2015

Being from Arkansas myself, I don't think some of the posters here realize that what they feel is just being honest really sounds rude to others that grew up where we did. I would never talk to someone else in the ways that I've seen, in person or on the internet, because this is just not how I was raised to converse.

Ah yes, that lovely Southern thing of never saying what you actually mean. That culture is actually more passive-aggressive than polite.

Give me the frank, blunt honesty of the Southwest any day over the sweet-tea-laced sunshine blown up the rear.

OP, look into the Indian Health Service. I know there are Indian reservations in Washington, and one of my professors claims she got help with her loans by working for them.

The military is not merely a jobs/loan repayment program. You will be trained to kill people and break things, and expected to go do that when ordered, no matter when and where it might occur. As a former military wife who had to hold the family together through two overseas tours (both in declared combat zones where we couldn't accompany him) and got moved domestically 6 times in 6 years, I urge you not to take that option lightly.

Seattle is extremely expensive compared to Arkansas. Is the move necessary?

I also agree with the poster who suggested you buckle down and live frugally on your husband's salary only for a year or so and dedicate yours entirely to loan payment. If you can do that, you should, and with no kids it's easier to do. You could also choose to pick up extra shifts and earn more to pay off the loans faster. You're getting good suggestions.

caseyuptonurse · Apr 14, 2015

I have about the same amount of debt as you do, OP. If there's anything that helps get rid of that loan I want to be in on it too! But I decided to live frugally for the next 3yrs. I'm paying double on my loan payments and even paying a little extra with all the money I get from my per diem job. It stinks but I will be happy to know that the 800 dollar loan payment will be gone when I start paying a mortgage. I can't even think about having kids until I know those loans are done. I would advise you to wait.

Momma1RN, MSN, RN, APRN · Apr 14, 2015

Haha! Wow, I am surprised at the rude tone of a couple of these comments. I looked into those kinds of programs before starting RN school and unfortunately they would not have worked out for me. It's not that I am unwilling to "walk through the door and just begin work" but it would be nice if an employer agreed to pay off X amount of loans in exchange for my signing a contract to stay at their rural hospital for X amount of years. Thanks.

Move to a rural area in Mississippi or somewhere that is in desperate need of RNs and you may be able to find an employer that will help with repayment. Seattle? Don't count on it. If the army will pay your loans down (which, I don't know they will) then you should seriously consider it. I've got about the same amount of loans, and pay around $900 a month. We've just had to make sacrifices in other areas to be able to afford it. And we have a small child so, it's doable. Good luck.